GBP/USD | British Pound to US Dollar Trading Analysis

GBP/USD | British Pound to US Dollar Trading Analysis

Written by: PaxForex analytics dept - Wednesday, 04 August 2021 0 comments

Source: PaxForex Premium Analytics Portal, Technical Insight

GBP/USD: The Bank of England's caution will hurt the pound - HSBC.

GBP/USD,D1

Pivot: 1.3901

Analysis:

While the price is below 1.3960, follow the recommendations below:

  • Time frame: D1
  • Recommendation: short position
  • Entry point: 1.3901
  • Take Profit 1: 1.3735
  • Take Profit 2: 1.3570

Alternative scenario:

If the level 1.3960 is broken-out, follow the recommendations below:

  • Time frame: D1
  • Recommendation: long position
  • Entry point: 1.3960
  • Take Profit 1: 1.4090
  • Take Profit 2: 1.4240

Comment:

RSI shows the development of a downtrend in the medium term.

Key levels:

Resistance     Support
1.4240 1.3735
1.4090 1.3570
1.3960 1.3430